Clearline Capital LP Increases Holdings in Etsy, Inc. $ETSY

Key Points

• Clearline Capital LP increased its stake in Etsy, Inc. by 4.5% in the first quarter, now owning 350,082 shares worth approximately $16.5 million.
• Several hedge funds, including True Wealth Design LLC and Brooklyn Investment Group, significantly increased their holdings in Etsy during the first quarter, reflecting a broad institutional interest in the company.
• Etsy reported earnings of $0.25 per share for the last quarter, missing estimates of $0.54, although its revenue was up 3.8% year-over-year at $672.66 million.

Clearline Capital LP grew its stake in shares of Etsy, Inc. (NASDAQ:ETSY - Free Report) by 4.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 350,082 shares of the specialty retailer's stock after acquiring an additional 14,950 shares during the period. Etsy comprises about 1.0% of Clearline Capital LP's holdings, making the stock its 21st biggest position. Clearline Capital LP owned about 0.34% of Etsy worth $16,517,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc lifted its position in shares of Etsy by 1,066.3% during the 1st quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer's stock valued at $454,000 after acquiring an additional 8,797 shares during the period. Cooper Financial Group raised its position in shares of Etsy by 31.3% during the 1st quarter. Cooper Financial Group now owns 18,962 shares of the specialty retailer's stock worth $895,000 after purchasing an additional 4,523 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Etsy during the 1st quarter worth approximately $288,000. Brooklyn FI LLC acquired a new position in shares of Etsy during the 4th quarter worth approximately $5,229,000. Finally, JBGlobal.com LLC raised its position in shares of Etsy by 68.2% during the 1st quarter. JBGlobal.com LLC now owns 12,837 shares of the specialty retailer's stock worth $606,000 after purchasing an additional 5,206 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Etsy

In other news, CEO Josh Silverman sold 65,000 shares of the business's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $57.50, for a total transaction of $3,737,500.00. Following the completion of the sale, the chief executive officer directly owned 62,674 shares of the company's stock, valued at $3,603,755. The trade was a 50.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Marla J. Blow sold 450 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $67.46, for a total transaction of $30,357.00. Following the sale, the director directly owned 9,491 shares of the company's stock, valued at $640,262.86. This represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 316,482 shares of company stock worth $19,130,691. 2.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ETSY has been the subject of several research reports. Arete Research upgraded Etsy from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 7th. Arete upgraded Etsy from a "sell" rating to a "neutral" rating and set a $54.00 price objective for the company in a research report on Thursday, August 7th. Wells Fargo & Company lifted their price objective on Etsy from $41.00 to $57.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Needham & Company LLC lifted their price objective on Etsy from $55.00 to $72.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, Guggenheim boosted their price target on Etsy from $50.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Eight equities research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $57.80.

Etsy Price Performance

ETSY traded down $0.65 during trading on Friday, hitting $58.94. The company's stock had a trading volume of 4,196,095 shares, compared to its average volume of 5,528,143. The firm's 50 day moving average price is $59.02 and its 200-day moving average price is $52.50. The stock has a market cap of $5.84 billion, a PE ratio of 47.53, a PEG ratio of 3.80 and a beta of 1.77. Etsy, Inc. has a twelve month low of $40.05 and a twelve month high of $70.57.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $672.66 million during the quarter, compared to analyst estimates of $645.16 million. During the same quarter last year, the firm posted $0.41 earnings per share. The company's revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that Etsy, Inc. will post 2.57 earnings per share for the current year.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.